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Ugh I was always under the impression that Texas has lower real estate prices than California due to more liberal building permits. But it is very bad in both p
by H8crilA 7y ago
Ugh I was always under the impression that Texas has lower real estate prices than California due to more liberal building permits. But it is very bad in both places in big cities:
Austin: https://fred.stlouisfed.org/series/ATNHPIUS12420Q https://fred.stlouisfed.org/series/ATNHPIUS12420Q
San Francisco: https://fred.stlouisfed.org/series/ATNHPIUS06075A https://fred.stlouisfed.org/series/ATNHPIUS06075A
- maxerickson 7y agoTexas doesn't have onerous zoning, it just has onerous building requirements (that apply everywhere). Setbacks and so on.
- nyolfen 7y agoaustin is the california of texas
- H8crilA 7y agoThat would explain the prices.
- dredmorbius 7y agoWhat's Marfa?
- big_chungus 7y agoBerkely
- ummonk 7y agoI don't think that is very meaningful? First link is Austin rents today relative to to 1995, and second link is SF rents today relative to 2000. Both have gone up a ton relative to where they were, but one of them started out a lot lower than the other...
- H8crilA 7y agoWell it is meaningful. A more liberal approach to building permits should result in slower price appreciation (as more of the demand will soak into brand new real estate supply). And it clearly doesn't appreciate more slowly, which means the overall approach isn't more liberal. (In big cities.)
- ummonk 7y agoThat isn’t necessarily true. E.g. if the precious price 20 years ago was below the cost of building multistory housing today (especially given rising local construction labor costs), the price will go up even with unlimited building permits.